Legal, Regulation & Compliance

01/25/2012

Austrian Unions Eye Wealth Tax Package

Warning against the introduction of any measures that might merely serve to endanger growth or jobs in Austria, the organizations put forward a series of targeted tax proposals, expected to generate additional tax revenue totalling around EUR4.5bn.

01/22/2012

FSA wants bonuses to reflect PPI losses

The Financial Services Authority (FSA), the industry regulator, holds that institutions must bear in mind the costs of the compensation as bonus season begins in the City.

01/20/2012

FSA pressures banks to hand over MF Global UK client money

The Financial Services Authority has been involved in the discussions without taking formal action against any of the banks, according to two people with knowledge of the situation who declined to identified because the negotiations are confidential.

01/16/2012

'New centrality' for central bankers

The resignation of Phillip Hildebrand from the Swiss National Bank highlights the 'new centrality' of central bankers as well as their need to espouse a rigorous code of conduct, according to OMFIF Co-chairman David Marsh in the January 2012 Bul

01/16/2012

Ten firms win spots on BNP Paribas's revamped global panel

BNP Paribas carries out reviews on a rolling basis. This is the first review that has taken place since Georges Dirani, former head of Herbert Smith’s Paris banking practice, took over as general counsel of the bank in 2010 (26 April 2010).

01/12/2012

Businessman jailed over £18m fraud

The pair’s sentencing was delayed after the court was told Steele had a heart condition and a pre-sentencing report had not been compiled.

01/12/2012

Osborne says banks unlikely to quit City

Appearing in front of the Treasury Select Committee to discuss the Vickers banking reforms, George Osborne questioned where banks would go given the increasing level of regulation around the world.

01/12/2012

German banking groups say they oppose Financial-transaction tax

Such a levy would mostly hurt private individuals as they couldn’t move to more favorable countries as easily as institutional investors, Andreas Schmitz, president of the BdB Association of German Banks, said at an event in Berlin today.